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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (282)	2/7/2001 9:34:36 PM
From: ms.smartest.person	Read Replies (1) of 2248

Telstra, PCCW Reach conclusion Geoff Elliott 08 February 2001 TELSTRA appears to be through the worst of a tortuous 10-month merger negotiation with Richard Li's Pacific Century CyberWorks. Telstra and PCCW yesterday finalised three joint venture companies they have valued at as much as $US15 billion ($27 billion). "We have completed what have been highly complex transactions," Telstra executive Gerry Moriarty said. Key to the announcement was the naming of board members and management of a newly named company Reach – Telstra and PCCW's merger of internet protocol backbone assets. The business is expected to clock up about $US1.9 billion in revenues a year and is valued in shareholder documents at $US10 billion. Reach's chief executive is Scottish-born Alistair Greave, whose previous post was as chief executive of Maxis Communications, a Malaysian telecommunications company. Reach operates a global network of submarine cables and is expected to be the first of the joint venture companies Telstra and PCCW float on global stock markets. It combines Telstra's international cable assets with similar assets that PCCW inherited from its takeover of Hong Kong Telecom earlier last year. The other joint venture companies finalised yesterday were the Regional Wireless Company, an Asia-Pacific mobile phone operation and Internet Data Centre Company, a start-up property company which builds high-speed internet access in commercial buildings. Mr Moriarty is the chairman of Reach and confirmed Reach and RWC were to be based in Bermuda, as previously reported in The Australian. Mr Moriarty hinted that Telstra and PCCW had downgraded previous valuations. He said valuations cited in shareholder documents were "historical". He also declined to commit to a timetable for the stock market float of the operations. theaustralianit.com.au

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